In the Edo period, feudal domains collected the rice as tax. They sent these rice to Osaka and Edo for the purpose of cashing, except for the amount used for food and stockpiling. At that time, many of Kurayashiki(warehouse) were concentrated in Osaka and the rice stored there were sold to rice brokers through auctions. Securities called “Rice bills” which is issued for exchanging the rice were traded actively. It can be said rice was securitized. This rice bills also　covered unharvested rice. And trading participants could trade futures by contract for difference simply by preparing a margin called “Shikigin”.

In 1730, a spot market to trade rice bills and a rice future market in Dojima（Dojima Rice Exchange）were authorized by the Edo shogunate. Dojima was equipped with a membership system and clearing function. And the rice price formed here was transferred to the major cities by couriers. Rules, customs and function in Dojima form the basis of that in the modern exchange. The CBOT (Chicago Board of Trade), which is the oldest commodity exchange in the United States and has the largest futures market in the world, is said to have been developed based on the Osaka Dojima market.